‘Investors deposited over Rs. 7 cr. in company’
The Economic Offences Wing (EOW) on Friday night arrested three persons of a private company that promoted contract emu farming on the charge of cheating.
The police said a few persons started TVS Emu Farms at DG Puthur near Sathyamangalam and offered staggering returns for the investments made in the contract farming of emu.
Lured by the huge returns, more than 1,000 persons from Erode, Tirupur, Coimbatore and a few other districts invested their hard earned money in the ponzi schemes of the company.
When the emu bubble burst in the first week of August last year, the company closed its office and its promoters vanished. It was said that the investors had deposited more than Rs. 7 crore in the company.
On Friday night, the police personnel nabbed the promoters - Balaji (26) of Thanjavur, Raja (28) and Aravindhan (27), both residents of Coimbatore.They were arrested and later remanded to 15 days judicial custody.